Tax Relief Aimed at Preserving Affordable Housing
Reps. Artur Davis (D-Ala.) and Jim Ramstad (R-Minn.) last week introduced H.R. 1491, the Affordable Housing Preservation Tax Relief Act of 2007.
The legislation would provide relief from recapture or "exit" taxes at the time of sale of an affordable housing property in exchange for the property remaining affordable for 30 years.
The bill is identical to to H.R. 3715, exit tax legislation introduced in the 109th Congress.
For the past several years, NAHB has worked with a large coalition of housing organizations on this legislation, which is critical to the long-term preservation of affordable housing.
NAHB is now working to secure cosponsors for the House bill and to seek introduction of a companion bill in the Senate as well as securing a budget score from the Joint Committee on Taxation (JCT) on the overall proposal. This JCT score will be critical to the viability of the legislation, especially under new congressional pay-as-you-go or “pay-go” rules that require offsets for any proposal that is a cost to the U.S. Treasury.
To read the legislation, click here and enter H.R. 1491 in the box at the center of the page.
For more information, e-mail Greg Brown at NAHB or call him at 800-368-5242 x8421.